Real Estate and cost of utilities in Quito, Ecuador. August 2014.

For the last 5-7 years Real Estate prices in Quito gone up dramatically, almost doubled. However there is big difference having real estate in US and in Ecuador: property tax and association fee. Unless you manage to buy in gringo's development or in the areas where Ecuadorians with big money live - associations fees,alíquota, are much less here in Quito, usually in between $15 -$150, depends on location and amenities provided. In my North Quito neighborhood alíquota typically in between $50 -$70. 

Property taxes are less as well, also from $20 to a few hundreds, depends how big your dwelling is and where it's located.

There is no home owners insurance in Ecuador, if something happens - you are on your own.

Utilities:

In Quito you don't need heating and air-conditioning.

Electric bill for the most families: $10 - $20, water: $10 -$20,

gas: $5 - $15 centralized

land line cost: $8 basic and one cent per minute after few hundreds of allowed free minutes.

Cable $18 - up to almost one hundred $$ 
Internet $20 - few hundred $$

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent. 
For booking, pictures and more info 
http://quitorental.blogspot.com  

Rental in Quito, for tourists and expats.
3 bedroom, 1 bath remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental2.blogspot.com

Ecuador Real Estate Report - Crucita. October 2012.

Monthly rental in Quito, for tourists and expats.
3 bedroom, 1 bath remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental2.blogspot.com

 

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com

 

Part one
http://dayinquito.blogspot.com/2012/09/ecuador-real-estate-report-part-one.html

from Hector G. Quintana
quote
Crucita Sell
I see Crucita as somewhat linked to Manta. Generally, when two cities have some linkage, Salinas and Punta Blanca, for example, I seldom adjust the rating of one, without the other seeing a similar adjustment. However, that is just what has happened in the Manta-Crucita dynamic. While, as covered, in the Manta section, the upgrade to “hold” received by Manta for 2012 may be all too brief, Crucita remains a “sell”. In short, prices have been driven up in Crucita beyond anything resembling the evolution of the area economically and with regard to base infrastructure. The run up enjoyed by Crucita was warranted. It served as the perfect “bedroom community”, for those that wanted greater peace and tranquility than that offered by Manta, but also wanted the proximity of the shopping, restaurants and general civilization offered by Manta. Crucita boomed for several years, when it was a steady “buy” rated locale for our clientele. However, it has been marred as a “sell” since then. The residential market exploded, but commercial development, while improved, still lagged significantly. Core infrastructure concerns have not so much worsened, as remained stagnant and without equivalent progress. Unless some pricing sanity returns to the residential real estate market, along with greater advances in local commercial growth and infrastructure evolution, Crucita will continue to trail the Manta market and much, not all, of coastal Ecuador.

Hector G. Quintana
RDRHGQ@gmail.com
end of quote

 

comment from other forum member

quote

Yes Crucita will always trail the Manta market,but that is why so many are moving here .We did not come here to Crucita to become the fast moving and dangerous city that Manta has become. I think here at www.Crucitahomes.com I can speak for almost everyone .We came for the peace,safety and personalities of the people .I hope that it will always be that way, but we know that change is coming and land values will grow as soon as people discover this great safe village. Yes we all go to Manta for good ,restaurants,shopping and a little fun ,but we are so glad to return to Crucita and enjoy the ocean surf and local tranquility that sets us apart from from Manta other large cities.
end of quote

 

Cost of home improvement projects in Quito. Part three. July 2012.

Part one

http://dayinquito.blogspot.com/2012/07/cost-of-home-improvement-projects-in.html 

Part two

http://dayinquito.blogspot.com/2012/07/cost-of-home-improvement-projects-in_30.html

So here is - the wall was ..not flat, it looked like a lake's waves, let's put it this way and a piece of the wall fell down. For those of you who want to buy property here (and, by the way, you are late for the train as Russians say, prices are way up) be aware, it is a common problem!

The walls were damaged since spring's rain spell and If I would ignore this problem in a few years the water damage would became serious and potentially we would have mold in the building (in our living room).

Finally I called a maestro. He came with  recommendations from our Russian friends and some Ecuadorians. His name is Luis. He came over today, was late only one day and half an hour. He said that he would come over Thursday 8 a.m. and arrived Friday 8:30 a.m.. By Ecuadorian's standards this is good, I was lucky! He knew what to do and how to do it, as I said it is very common problem. 

The cost:

$40: to open the wall, replace and reconnect the pipes, reconstruct the wall.
$15 for the cost of cement, tubes, glue, and delivery.
Now, we have to wait for two weeks, after that the wall has to be cleaned some more, plastered, and painted.  

More "exciting" remodeling news later.

Monthly rental in Quito, for tourists and expats.
3 bedroom, 1 bath remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental2.blogspot.com 

 

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com

Cost of home improvement projects in Quito. Part two. July 2012.

Although the subject of home improvement seems boring and not even worthy to be noticed, you see when you have property in Ecuador that you have to do it (home improvement), even if your property is just two years old.

In part one  http://dayinquito.blogspot.com/2012/07/cost-of-home-improvement-projects-in.html    I wrote about home improvements at our La Ronda condo, which is 40+ years old. Since I bought it in 2007 - everything inside - all windows, doors, all bars, floor, bathroom, kitchen was ripped apart and replaced/repainted, sometimes twice (repainted).   

Today it is about our newest as I said, two year old North Quito condo.

In between 1) maestros not the most brightest and hardest working in the world, 2) weather - sometimes it rains like hell  3)earthquakes - you can pick the sequence. In between all of this if you own property and want it to be presentable and functional you must do home improvement from time to time.

So, what is the problem this time?  We have a rain drainage pipes running from the roof terrace to the basement. The problem is that the pipes are cemented inside of the walls and the connections of the pipes were done wrong and as a result - pipes are leaking inside of walls! Right above our living room. 

to be continued

Monthly rental in Quito, for tourists and expats.
3 bedroom, 1 bath remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental2.blogspot.com

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com

Cost of home improvement projects in Quito. July 2012.

Our La Ronda apartment complex was built in 1971. We know it for sure because when we changed our condo's old, stinky hardwood floors for new hardwood floors (in 2009), we found a newspaper from April 1971. The floors in the La Rondo condo were done so that there is space between the foundation and the floor itself. Bad, bad, bad idea.

Besides this newspaper we found brown paper bags, remains of food wrap, empty soda-pop bottles, cigarette butts, and other stuff in the space, under the hardwood planks. It gave an odor too for almost 40 years, and not the pleasant kind!

Anyway, in addition to the "workmanship", the water meters were put INSIDE of the apartments. For 40 years it was more or less OK with the water utility company, in 2012 it lobbied Quito city hall to bully apartment owners to move water meters outside of the apartments. Oh boy!!!

So, we received an order from the municipio to move our water meter from inside of the apartment to the outside wall. Oh else!!!
It was a five-day project for us.
The first day we went shopping to MegaKiwi - Quito's heaven for the handymen and we bought almost all materials there.
Pipes for hot water 1/2" - 3 units six meters each    $27
Cost of miscellaneous supplies $18

A metal bar to cover water meter on the wall outside of the apartment cost us $25. The metal bar was custom-made for us by some "maestro" in Centro Historico. Our concierge Jose  measured, ordered, delivered, and installed the bar.

Also, Jose chiseled the wall (about 2.5 meters long) for the pipes and the meter,  Leo installed pipes from the old meter location to the new.
The next step was for Jose to cement it out.  And last step for Leo was to paint the red pipes to make them blend in with our terrace.

Leo worked hard for three days, installing and painting the pipes. He even forgot (almost) about his condition during this time. 

We paid Jose $35 (to chisel the wall, to do cement work, bringing and installing the bar). This price included the cost of cement. Another $30 (to Jose) to buy paint and to paint the hallway walls.

This project was done in the first week of June, 2012.

Monthly rental in Quito, for tourists and expats.
3 bedroom, 1 bath remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental2.blogspot.com

 

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com

The difference of owning a condo in Ecuador and in the USA. Part two. February 2012.

Part one

http://dayinquito.blogspot.com/2012/02/difference-of-owning-condo-in-ecuador.html

As I thought more about the difference of owning a condo in Ecuador VS the USA it occurred to me that in the USA, both of my properties: townhouse I owned from 1997 to 2004 and my current Minneapolis condo, was/is managed by outside property management companies.

Both of our condos here in Quito, the associations have guardians and/or concierges and the people who live there take some responsibility. For example, on last Sunday, when I walked with Sashka, I saw that a plumber was working on the leaking pipe in the basement-garage area of our building. Our neighbor saw the leaking pipe and he called the plumber.
In our La Ronda condo association the concierge and his family live on the premises and they take care of cleaning, small repairs, and such. In the North Quito condo the concierge works Monday - Saturday.

None of my friends and acquaintances who live in the associations (townhouses and condos), nobody has management companies taking care of them. The associations have concierge/guardian(s) and he does cleaning and small repairs, for the big projects the leaders of the association hire professionals to do the work. No middle man is involved.  

I mention that " We have neighbors at our La Ronda condo who don't pay their association fees for 10 years or more and they still live in their apartments."
But, in order to sell the condo, or transfer the title to the people who inherit it, the city hall demands paper from the association stating that all dues and everything is paid. So, it will be paid at one point or another. 

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com


Available from March 24th to April 7th, 2012
Available from May 18th, 2012

The difference of owning a condo in Ecuador and in the USA. February 2012.

The huge difference is property tax. In Ecuador, property tax is much lower than in the USA. We are talking about a difference of thousands of dollars $XXXX (USA) and tens of dollars $XX  in Ecuador.  Maybe if your condo is spendy - than you will pay $100- $150 per year in property taxes.

The second big difference is association fees.

The difference is between hundreds of dollars $XXX per month in USA and tens of dollars $XX per month in Ecuador.  In Quito, if your condo is located in Quito Manhattan (street Republica del Salvador and vicinity), your association fees might be in the $100-$150 per month range. On average, in Quito, association fees are in between $15 - $50 for the condos.

And last but not least, one, if you don't pay your association fees or property taxes you won't be thrown out of your home.  I have never heard of such a thing. We have neighbors at our La Ronda condo who don't pay their association fees for 10 years or more and they still live in their apartments.

We have lived in Quito permanently since July 2008 and I have to say that middle class Ecuadorians are very nice neighbors and their kids are respectful, always will tell you "Buenos ...", smile and in general we feel comfortable and at home in Quito.

We pay $35 monthly for our North Quito condo's association fee. Here is what included: concierge, she cleans inside and outside of apartment complex, including part of street in front of the building. Gardening(we have lawn, flowers and bushes), cost of electricity and water for the building.  

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com

Available from March 24th to April 7th, 2012
Available from May 18th, 2012

Living in Quito information - cost of condos in Quito, Ecuador. February 2012.

I have watched real estate prices in Quito since 2006. 

Quito North Central: cheaper side

For example, here is an apartment complex "El Inca" where my girlfriend and other Russian acquaintences used to live before they all started their own businesses.  It is a lower-middle class conjunto, but not run-down and located in a good barrio (neighborhood) - North Central Quito.

I don't believe gringos ever bought property there, it would be too substandard for them (us). In 2006, a three-bedroom, one bath apartment cost $18-$22K, depending  on the condition of the apartment. in 2008 - $22K-$26, now, in 2011, prices have gone up to $30K- $35K.

Quito North Central: more expensive.     

Prices in Quito Manhattan (street Republica de Salvador and vicinity ) start from $60- 70K for older construction, first or second floor, meaning no view and colder. in Quito Manhattan, for $120K - $170K one can buy two bedroom nice and spacious apartment with parking and bodega (storage space in basement of the apartment building) $170K- $2XX for a three bedroom apartment, nice and spacious,  with parking and bodega. 

North Quito

In  March 2011, some Russian guy I know, bought a 70 m2 condo for $37K. Condo located in North Quito in modest neighborhood.  Another Russian family bought a condo in 2010, I only know that it was three bedrooms, newer construction and cost $50K.
So, in North Quito you can buy something modest from $35K to something more luxury up to $1XXK.

Whenever you buy(or rent), never, ever consider an apartment on the first floor. It is always cold on the first floor.

Monthly rental in Quito, for tourists and expats.
We have a 2 bedroom, 1 bath totally remodeled
Colonial Quito, furnished apartment for rent.
For booking, pictures and more info
http://quitorental.blogspot.com


Available from March  24th to April 7th, 2012
Available from May 18th, 2012.

Rentals in North or Central North Quito, part two.

If you would like to rent luxury apartment (either furnished or unfurnished) it is better to use a real estate agent's services. You don't pay for that - the landlord will pay.
For a modest apartment, buy the Sunday edition of El Comercio newspaper and start calling ads from the early morning.
For the cheap apartments - find an area and hit the pavement, looking for the signs in the window or ads on the conjunto's boards.

OK, you have decided that you want to live in Quito. Rent our La Ronda apartment for a few months and make it a base to research Quito, where to buy or where to rent further. One of our renters did exactly that!

Living in our La Ronda condo is worry-free. You have all modern conveniences: internet, Cable TV, hot water and everything that you need to move in and live without buying any household items. All utilities are included as well.

Tomorrow: Furnishing your apartment in Quito.

Monthly rental in Quito, for tourists and expats.

We have a 2 bedroom, 1 bath totally remodeled

Colonial Quito, furnished apartment for rent.

Anti-noise windows in both bedrooms
For booking, pictures and more info

http://quitorental.blogspot.com/

Cost of unfurnished rentals in North or Central North Quito, part one.

Rent starts at $150 - $250 for small two or three bedroom apartments.
A modest two or three bedroom apartment, about $300 - $600 per month, depending on the area and number of bedrooms.
You can rent a luxury apartment in Quito from $700 - $800 up to a few thousand per month, depending on the level of luxury, number of bedrooms, and area.

When you talk to your potential landlord:

1) Ask if the condominium fee is included. Here in Ecuador it is common that the renter pays the condominium fee on top of the monthly rent.
2) Ask if all previous bills are paid up to date. It is very common that not all bills are paid. You might be stuck with unpaid bills prior to your date of moving in. Negotiate that if bills are not paid and you have to pay them, it will be subtracted from your rent.

Never, ever rent or buy a first floor apartment - it is cold down there!

It is very exotic and interesting (like going back in time or living inside of a history movie) to live for two or three months in Centro Historico, especially in the La Ronda barrio. La Ronda is the safest area in Centro Historico, because of guards are there 24/7.
Neverless, if you want to stay in Quito permanetly, rent or buy in Central North or North Quito. 
Also, you don't want to live in Quito-South and don't ask me why.  Just visit this area when you are in Quito.

to be continued

Monthly rental in Quito, for tourists and expats.

We have a 2 bedroom, 1 bath totally remodeled

Colonial Quito, furnished apartment for rent.

Anti-noise windows in both bedrooms
For booking, pictures and more info

http://quitorental.blogspot.com/